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Victory Capital

A VICTORY CAPITAL INVESTMENT FRANCHISE

Douglas J. Gaylor

Portfolio Manager

Douglas Gaylor is a portfolio manager for Park Avenue Institutional Advisers LLC, head of tax-exempt securities and manager of the Victory Tax-Exempt Bond Fund and the Victory High Income Municipal Bond Fund.

Prior to joining the Guardian Life Insurance Company of America, the parent company of Park Avenue Institutional Advisers, Mr. Gaylor was director of municipal asset management at Principal Life Insurance. Prior to that, he was with Dreyfus for 14 years in a variety of roles, ultimately as lead portfolio manager of municipal investments. He has also held positions as a municipal bond analyst, trader and portfolio manager at PNC Bank-BlackRock and Wilmington Trust. Mr. Gaylor has more than 30 years of investment industry experience.

Mr. Gaylor holds a B.S. in financial administration from the State University of New York at Brockport and an MBA in financial planning and control from the University of Buffalo.